JofIMAB-2016-vol22-issue3

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Table 2. Statistically significant correlations between evaluated in this study clinical and biochemical parameters BIOCHEMICAL CLINICAL CORRELATION PARAMETER PARAMETER COEFFICIENT (R) P
Journal of IMAB ISSN: 1312-773X http://www.journal-imab-bg.org http://dx.doi.org/10.5272/jimab.2016223.1261 Journal of IMAB - Annual Proceeding (Scientific Papers) 2016, vol. 22, issue 3 CAPITAL STRUCTURE ANALYSIS OF THE MEDICAL DIAGNOSTIC-CONSULTATIVE CENTERS IN VARNA (absolute indicators) Lyubomira Koeva-Dimitrova, Department of Health Economics and Management, Medical University-Varna, Bulgaria SUMMARY: The capital structure analysis of medical institutions is related to the assessment of their financial sustainability. The degree of their financial sustainability indicates the extent to which the medical institution is exposed to financial risk. This financial risk is related to the use of foreign capital (debts, loans, etc.) and it is defined as the probability of insolvency and possible bankruptcy due to the existence of debts which could not be repaid at some point in the foreseeable future. Objective: To analyze the capital structure of the medical diagnostic-consultative centers in Varna city and on this basis to assess their long-term solvency and existence of financial risk. Materials and Methods: The materials for the study are the published annual financial statements (up to 05. 01. 2016) in the Commercial Register for the period from year 2008 to 2014 of all MDCCs (Medical Diagnostic Consultative centers), registered in Varna - 9 in total. In the study are applied logical-mathematical methods (comparison, grouping, detail, graphical method); financial and accounting analysis (balance sheet analysis; analysis of absolute ratios for financial sustainability). Results: Upon analysis of the capital structure of MDCC’s are studied the main absolute indicators characterizing the conditions for financial sustainability and the existence of financial risk regarding the solvency. A table represents the overall assessment of the degree of financial sustainability of the companies according to the type and structure of the fulfilled criteria. It was ascertained that for year 2014, DCC 3, 4, 5 and 8 have met all the conditions and according to them these hospitals have very high financial sustainability. DCC 7 has an average financial sustainability, DCC 1 and 2 are in a financial crisis and DCC 6 and 9 are facing bankruptcy. It must be emphasized that nearly half of the studied health care organizations (DCC 1, 2, 6 and 9) need urgent intervention by the owners regarding the preparation of remedial measures and programs, revaluation of assets, reduction of capital, reorganization, restructuring and others. Regarding the Municipal DCC’s that have the same owner - Varna Municipality, an individual approach for each consultative center should be applied, depending on the different nature and specifics of the activity. A strict monitoring of the financial performance and discipline is necessary. Conclusion: The capital structure analysis allows to all interested external users of information to evaluate the financial sustainability of the health care organizations, as well as their ability for debts repayment in the future. Keywords: analysis, capital structure, financial sustainability, financial risk, diagnostic- consultative centers, health care organizations, Varna INTRODUCTION: The capital structure analysis of medical institutions is related to the assessment of their financial sustainability. The degree of their financial sustainability indicates the extent to which the medical institution is exposed to financial risk. This financial risk is related to the use of foreign capital (debts, loans, etc.) and it is defined as the probability of insolvency and possible bankruptcy due to the existence of debts which could not be repaid at some point in the foreseeable future. OBJECTIVE AND TASKS: The aim of this article is to analyze the capital structure of the medical diagnostic-consultative centers in Varna city and on this basis to assess their financial sustainability, solvency and existence of financial risk. The relevant tasks to achieve the objective are: to present and analyze relevant indicators for analysis of capital stability; to make an overall analysis of the capital structure of DCCs based on the calculated indicators. To assess the capital stability and the existence of capital risk solvency. MATERIALS AND METHODS The materials for the study are the published annual financial statements (up to 05.01.2016) in the Commercial Register for the period from year 2008 to year 2014 of all MDCCs (Medical Diagnostic Consultative centers), registered in Varna - 9 in total [1]. There is no published data for DCC 2 for year 2009 and for DCC 9 for year 2014. For the purpose of this study, numbers from 1 to 9 have been assigned to the health care organizations. DCC from 1 to 7 are Varna Municipality property, one of them is state property. DCC 8 and 9 are private property. In the study are applied logical-mathematical methods (comparison, grouping, detail, graphical method); financial and accounting analysis (balance sheet analysis; analysis of absolute ratios for financial sustainability). / J of IMAB. 2016, vol. 22, issue 3/ http://www.journal-imab-bg.org 1261
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